Broker Note Briefing: Monday

European equity markets opened firmer Monday, although Dutch delivery group TNT Express was in the doldrums after United Parcel Service said it expects the European Commission to block its takeover bid.

French banks led the upside in Europe after Credit Suisse re-visited a couple of big names in the sector. The brokerage upgraded Société Générale and Crédit Agricole to “outperform,” noting the two banks’ 2012 asset disposals and their cheap valuations relative to peers.

For SocGen, CS analysts noted a positive outlook for investment banking due to the company’s large exposure to equity market activities. For Crédit Agricole, it pointed to a re-focusing on the core franchise, such as retail activities, adding “the disposal of Emporiki and the equity brokers should reduce earnings volatility and consequently increase visibility.”